Most UK small businesses express strong concern about potential Autumn Budget measures, with 86% fearing negative impacts on growth. Forecasts of growth among small business owners dropped to a five-year low of 25%, falling for a fourth consecutive quarter. Concern about contraction or collapse rose to 23%, the highest since Q1 2021. Key taxation worries include further National Insurance rises (59%), increases to VAT (50%), income tax (50%), and fuel duty (37%). Thirty-seven percent fear more taxes on diesel or petrol vehicles and 34% are worried about potential pension-related Budget measures. Confidence appears fragile and sensitive to additional fiscal burdens.
"Across the UK, 86% of small businesses fear the possibility of Autumn Budget announcements that, in their view, would adversely impact their plans for growth - with rises to taxation and fuel duty topping the list of concerns - according to new research from Novuna Business Finance. The findings come at a time when the percentage of small business owners predicting growth has fallen for the fourth"
"With the new Novuna Business Finance data also revealing a rise in the percentage of small business owners that fear contraction or collapse in the three months to Christmas (23%, the highest level since 27% in Q1 2021), the widespread fears over the Autumn Budget are a reflection of the fragile confidence of small business owners, many of whom feel they would be unable to absorb any further financial burdens on costs or from taxes."
Read at London Business News | Londonlovesbusiness.com
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